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Margaret Lake Announces Acquisition of Old Nick and Letain Nickel - Cobalt Properties, British Columbia
VANCOUVER, BC / ACCESSWIRE / February 4, 2021 / Margaret Lake Diamonds Inc. ("Margaret Lak...
About this update from Vault Strategic Mining Corp.
[{"type":"text","content":"Margaret Lake Announces Acquisition of Old Nick and Letain Nickel - Cobalt Properties, British ColumbiaVANCOUVER, BC / ACCESSWIRE / February 4, 2021 / Margaret Lake Diamonds Inc. (\"Margaret Lake\" or the \"Company\") (TSX.V:DIA)(FKT:M85) is pleased to announce the acquisition of the Old Nick Nickel-Cobalt project in Southern British Columbia as referenced in BC MINFILE 082ESW055 and the Letain Nickel-Cobalt project in North-Western British Columbia. Letain pictured in Photo 1.Photo 1Acquisition TermsPayments to the vendors, on a 50/50 basis , BC 1200059 Ltd. and BC 1258713 Ltd. as follows:(i) $10,000 upon TSXV approval or 30 days from execution which ever may come sooner;(ii) $10,000 90 days of TSXV approval;(iii) $30,000 6 months of TSXV approval;(iv) $300,000 prior to January 1, 2022;(v) $400,000 prior to August 1, 2023;(vi) $500,000 prior to August 1, 2024.British Columbia Mineral Tenures:1058958, 1058959, 1058961, 1036996, 1037000, and 1074301 all in good standing.No shares or options shall be issued in connection with this transaction. The transaction requires regulatory and customary approvals.The Company plans to file a Technical Report prepared in compliance with National Instrument 43-101 within 45 days.Morrison PropertyBy order of the British Columbia Gold Commissioner, the Morrison Property has been returned to the previous owner, having been staked and subsequently optioned by Margaret Lake. Margaret Lake reserves all rights but has dropped the property and received a full credit, in the full amount of the initial Morrison Property option payment from the vendors that has been applied to the initial and 2nd year option payments for Letain and Old Nick properties, reducing payments, as above, (i) from $10,000 to zero and payment (iv) from $300,000 to $160,000.CEO SeveranceHaving resigned as CEO and Director, Jared Lazerson and the Company have reached a severance and debt settlement agreement in the amount of $260,000 in debt and $80,000 in management fees, pending customary approvals.Return to Trade Margaret Lake is under final review by TSXV Senior Management regarding final gating items for return to trade.About Margaret Lake DiamondsMargaret Lake Diamonds Inc. (TSX.V: DIA) is a Canadian junior exploration company focussed on battery metals and continues to maintain an interest in the Diagras Diamond property loca...